Tips from Centra Lawyers

What are commercial leasing or hire purchase agreements?

A commercial lease is an agreement between a landlord and a business (tenant) outlining the terms and conditions of property rental. A commercial lease is specific to tenants using the property for business or other commercial purposes; versus residential use.

A hire purchase agreement is a contract whereby a person hires goods for a period of time by paying installments, and has the right to own the goods at the end of the agreement if all installments are paid. Hire purchase agreements usually last for a short to medium term, between two and five years.

 

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